S&P 500 – Surges to New All Time Highs
Today both the DJ and ES took out the ATHs (all time highs), with the ES looking more impressive. Initially down about 9 pts on the day, the US index jumped on a one way train and never looked back taking out the all time highs. Considering the volume was not abnormally high and thus not an exhaustion move, if the bulls can continue pushing, 1800 seems quite likely. I’ll look for breakout pullback setups towards 1776 and 1767 on corrective pullbacks to get long. If those levels hold, then we should see a re-test of the 1785 session high, 1790, and then likely 1800 (or just shy).
If however the bulls fail to maintain the upside, and we get dips below 1767, then I’ll consider that a failed breakout, and will look for bearish opportunities.
Original post
Today both the DJ and ES took out the ATHs (all time highs), with the ES looking more impressive. Initially down about 9 pts on the day, the US index jumped on a one way train and never looked back taking out the all time highs. Considering the volume was not abnormally high and thus not an exhaustion move, if the bulls can continue pushing, 1800 seems quite likely. I’ll look for breakout pullback setups towards 1776 and 1767 on corrective pullbacks to get long. If those levels hold, then we should see a re-test of the 1785 session high, 1790, and then likely 1800 (or just shy).
If however the bulls fail to maintain the upside, and we get dips below 1767, then I’ll consider that a failed breakout, and will look for bearish opportunities.
Original post